Solutions30 Completes Exit from Major French Telecom Contract Amid Transformation

Solutions30, a French company undergoing a significant transformation, has announced its earnings for the first half of 2026. The firm exited a major telecommunications framework contract in France, a move aimed at improving its profitability and focusing on more promising markets.

The decision to withdraw from the French telecommunications contract, which generated €117.6 million in revenue in 2025 and accounted for 38% of the company’s French business, marks the final stage of a strategic shift. This contract, though significant, was unprofitable and limited the growth potential of Solutions30’s other French operations, particularly in the energy sector.

Revenue for the first half of 2026 fell to €400.3 million, a 11.1% decrease from the same period in 2025. Adjusted EBITDA stood at €17.0 million, representing a margin of 4.2%, down 280 basis points. The decline in EBITDA margin is attributed to the temporary effects of final transformation measures in France and the repositioning of the customer base in Germany.

Net income for the period was €-24.5 million, compared to €-16.8 million in the first half of 2025. The decrease, despite a sharper drop in adjusted EBITDA, was limited to €-7.7 million due to the recognition of non-recurring income of €7.1 million. This income reflects the accounting effects of the deconsolidation of legal entities operating the telecommunications contract terminated in France and liquidated during the half-year as part of the rationalization measures implemented by the Group.

Gianbeppi Fortis, CEO of Solutions30, stated, "We have decided to withdraw from a major telecommunications framework contract in France, thereby eliminating the Group’s remaining source of losses. The first-half results directly reflect this decision and the adjustments it entails. The exit from this business and the associated restructuring will be completed by the end of 2026."

The company’s transformation strategy, initiated in 2024, aims to refocus its portfolio on businesses and markets offering the best prospects for growth and profitability. Solutions30 has gradually withdrawn from mature markets where its business model was no longer generating sufficient value, while developing new growth drivers in Energy, Technology, and telecommunications in Germany.

In the Benelux region, the Group’s largest geographic segment, business remains resilient and structurally highly profitable. Revenue in the Benelux region amounted to €169.2 million, down 6.7% on an organic basis. The Connectivity business, which accounts for 82% of revenue, is expected to benefit from the formal approval by the Belgian competition authority of a plan for telecom operators to mutualize certain fiber deployment programs. This clarification is expected to accelerate the market, with Solutions30 anticipated to benefit from its business with Wyre.

In France, revenue fell to €120.6 million, down 21.9% organically. The Energy business in France experienced indirect repercussions from a significant reorganization of French entities, stemming from the withdrawal from the telecommunications contract. Specific measures have been implemented to reorganize this activity and put it back on a growth trajectory in markets like electric grid services, photovoltaics, and electric vehicle charging infrastructure.

The Technology segment in France posted a double-digit margin, reflecting the company’s focus on more profitable areas. The exit from the major telecommunications contract will be finalized by the end of 2026, marking the culmination of the transformation process. Starting in 2027, Solutions30 will have a streamlined portfolio in France, a business mix refocused on its most attractive markets, and a cost structure tailored to its new level of activity.

The company reported gross cash of €46.3 million at the end of June 2026, with net bank debt standing at €67.1 million, up from €56.1 million at the end of June 2025. The increase in the first half of the year reflects cash outflows related to ongoing transformation initiatives and the Group’s usual seasonality, as well as a reduction of €-16.0 million in the use of factoring.

Solutions30’s strategy is expected to lead to a marked improvement in the Group’s profitability, with a more focused scope and a business mix that aligns with its growth drivers. The company is confident that this transformation will position it for a new cycle of profitable growth.